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On October 1, 2021, FDNACCT received from a customer a promissory note that will mature on August 1, 2022 for merchandise sold amounting to
On October 1, 2021, FDNACCT received from a customer a promissory note that will mature on August 1, 2022 for merchandise sold amounting to P100,000. Though interest on the note is 12%, no interest has yet been recorded on the books of FDNACCT. The adjusting entry for December 31, 2021 should include a credit to Interest Income in the amount of?
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Assuming that the interest is to be accrued using the simple interest method ...
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Accounting Principles Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
8th Canadian Edition
111950242X, 1-119-50242-5, 978-1119502425
